New home sales in Australia up every month so far this year
New homes sales in Australia have increased in each of the first four months of 2015, according to the latest survey of the country’s largest volume builders.
However, the increase of 0.6% in April was the slowest growth pace of the four months, the new homes sales report from the Housing Industry Association shows.
But HIA chief economist Harley Dale said that this is still a strong result off the back of a healthy March quarter.
The April result for total seasonally adjusted new home sales comprised of two small gains, a 0.4% rise for detached house sales and 0.9% growth for multi-unit sales.
‘The profile for new home sales in 2015 is consistent with a new home building cycle where further upward momentum resides largely in the multi-unit sector and where the eastern seaboard states are driving the further growth,’ Dale explained.
In terms of detached house sales, both New South Wales, Victoria and Western Australia posted monthly gains in April but Queensland recorded a disappointing decline, according to Dale. Sales in South Australia continued to weaken and are at an 18 month low.
A breakdown of the figures show that in April 2015 private detached house sales increased by 7.2% in New South Wales, by 2.7% in Victoria, and by 0.9% in Western Australia.
Private detached house sales dropped by 9% in Queensland and were down by 1.9% in South Australia. In the April 2015 quarter detached house sales increased in by 0.5% in New South Wales and by 7.4% in Victoria but declined by 4.7% in South Australia, by 4.4% in Queensland and by 1.6% in Western Australia.
‘This profile is broadly consistent with our forecasts for detached house commencements, with the exception of Queensland which is looking weaker than we were expecting,’ said Dale.